BitSight closes $60m Series D to help manage security risk

BitSight, a SaaS platform helping organisations manage information security risk, has raised $60m Series D.

The round was led by Warburg Pincus, with participation from existing investors Menlo Ventures, GGV Capital and Singtel Innov8. It brings the company’s total funding to $155m, having previously completed a $40m Series A in 2016.

BitSight will use the new capital to continue its global expansion and extend its portfolio of market-leading security risk management solutions.

Founded in 2011, BitSight transforms how organisations manage information security risk. The BitSight Security Ratings Platform applies sophisticated algorithms, producing daily security ratings that range from 250 to 900, to help manage third party risk, underwrite cyber insurance policies, benchmark performance, conduct M&A due diligence and assess aggregate risk.

Cary Davis, managing director of Warburg Pincus, said: “With ever-increasing security threats, cybersecurity ratings are becoming an important part of leading companies’ cyber-defense. BitSight created the category and is the leader in the security ratings market, with a proven approach and platform to help customers continuously and effectively monitor cyber risk in their business ecosystem.

“We believe there is tremendous opportunity for BitSight globally, and we look forward to working with Tom (CEO) and the rest of the talented management team in the company’s next phase of growth.”

Organisations worldwide, including 7 of the top 10 cyber insurers, 20% of Fortune 500 companies, and 3 of the top 5 investment banks use BitSight’s proven Security Ratings technology to make integral risk and business decisions.

Earlier this year, cybersecurity platform Attivo Networks received a new strategic investment from Singtel Innov8. Attivo uses deception technology for real-time detection, analysis, and accelerated response to advanced, credential, insider, and ransomware cyber-attacks. The platform is able to detect in-network threats and provides threat management for user networks, data centres, cloud, IoT, ICS-SCADA, and POS environments.

Singtel Innov8 also recently led a $20m financing round for Balbix, a San Jose, California-based company using AI to prevent high-profile cybersecurity disasters. The company, launched out of a stealth a year ago, uses deep learning and other advanced AI algorithms to continuously gather and analyse data about an enterprise’s massive attack surface.

Copyright © 2018 RegTech Analyst

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